Cryptocurrency such as Bitcoin and Ethereum are decentralized unit systems, digital currencies are not dependent on a thirdparty and don’t need an issuer, thus they rely on the peer-to-peer network. Coupled with the privation of regulatory guidelines ad their exceptional technical aspect creates a pool of complications and also opens up and area for the research. The Blockchain concept is the reflection of the changing views and demands of the society in terms of systems working based on trust, specifically the legal framework. This article begins with an introduction to blockchain and explains their technical and mixed characteristics. Further goes into the deep to explain the rise of cryptocurrency in India, their respective risk which they hold, and the methods towards obtaining the cryptocurrency. Towards the end of the article, it deals with the Howey test and the current regulatory mechanism and laws prevalent in the USA and India and the best practices for crypto funds generation.